- Solana’s $180 support tested, will it hold against downward pressure
- Trading volume spikes but Solana struggles to maintain key support
- Solana eyes Asian expansion with Chinese name contest and Japan ties
Solana (SOL) has seen a significant downturn this week, with its price plummeting by approximately 15%. Despite the drop, trading volumes have surged by about 13%, indicating increased market activity.
Currently, SOL is testing the critical $180 support level, which has historically been a key zone for price rebounds within its ongoing ascending channel.
The $180 Support Zone: A Make-or-Break Moment for Solana
The price movement suggests that $180 could act as a crucial point for SOL to either consolidate or face further downside. If buyers can push past the $212 resistance and maintain levels above it, the price could potentially reach the $244 mark.
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Source: Tradingview
However, if the $180 support fails to hold, SOL may face a deeper correction towards $165, where long-term buyers have previously shown interest.
Solana Seeks Growth in Asia: China and Japan on the Radar
Solana’s recent struggle at the $180 support comes amid its aggressive efforts to increase its presence in Asia. To enhance brand recognition in the region, Solana’s founder, Anatoly Yakovenko, and the official Solana Twitter account have launched a community-driven contest to give the platform an official Chinese name.
This move follows the success of Ethereum’s Chinese name, Yi Ta Fang, which played a key role in its adoption across Asia.
Meanwhile, in Japan, Solana is working to secure its position with institutional investors. The recent collaboration between DeFi Development Corp. and Superteam Japan has led to the launch of DFDV Japan, the nation’s first Solana-focused digital asset treasury.
This initiative aims to provide exposure to Solana through structured treasury products and is another step toward integrating the network into Japan’s growing digital asset space.
As Solana continues to make strategic inroads into Asia, its price movements at the $180 support level will determine whether the platform can capitalize on these new opportunities or face further challenges in the market.
